What crypto wallets have insurance?

Insured crypto wallets, such as Coinbase Custody, offer protection against asset loss or theft, ensuring peace of mind for cryptocurrency users.

Feb 06, 2025 at 12:06 am

Top Crypto Wallets with Insurance Coverage

Key Points:

• Insurance provides protection against loss or theft of cryptocurrency assets.
• Multiple crypto wallets offer insurance policies with varying coverage limits and conditions.
• Factors to consider when choosing an insured wallet include coverage, reputation, ease of use, and fees.

Detailed Steps:

1. Coinbase Custody

• Insurance coverage: Up to $320 million per user
• Partnered with Lloyd's of London and Arch Insurance Group
• Covers loss, theft, or damage to cryptocurrency assets held in Coinbase's cold storage

2. Binance SAFU (Secure Asset Fund for Users)

• Insurance coverage: $20 million
• Created in response to the 2019 Binance hack
• Funds theft or hacking of cryptocurrency assets held on Binance's platform

3. BitGo Insured Wallet

• Insurance coverage: $100 million
• Partnered with Marsh & McLennan
• Protects against loss or theft of cryptocurrency assets stored in a BitGo-managed cold wallet

4. Blockchain.com Insured Wallet

• Insurance coverage: $185 million
• Partnered with Coincover
• Covers loss, theft, or unauthorized access to cryptocurrency assets managed by Blockchain.com

5. Celsius Network

• Insurance coverage: Up to $150 million
• Partnered with Fireblocks
• Protects against loss, theft, or unauthorized access to cryptocurrency assets held in Celsius Network accounts

Factors to Consider When Choosing an Insured Wallet:

• Coverage Limits: Determine the maximum amount of protection you need and choose a wallet with appropriate coverage.
• Insurance Provider: Research the reputation and financial stability of the insurance companies partnering with the wallet.
• Coverage Conditions: Understand the specific conditions under which insurance coverage applies, such as exclusions and deductible amounts.
• Ease of Use: Ensure that the wallet is user-friendly and provides access to your cryptocurrency assets as needed.
• Fees: Consider the ongoing fees associated with the wallet, including insurance premiums or subscription costs.

FAQs Related to Crypto Wallet Insurance:

Q: What types of losses are typically covered by crypto wallet insurance?

A: Insurance policies cover a range of losses, including theft, hacking, unauthorized access, and physical damage to storage devices.

Q: Are there any exclusions or limitations to insurance coverage?

A: Yes, policies may exclude losses due to negligence, user error, or failure to follow security protocols.

Q: How do I file a claim if my crypto assets are lost or stolen?

A: Contact your wallet provider to initiate the claim process and submit supporting documentation according to the policy's requirements.

Q: How long does it take to receive insurance payout after filing a claim?

A: Payout times vary depending on the insurance provider and the complexity of the claim. Expect a period of investigation and verification before payout is authorized.

Q: Are all crypto wallets eligible for insurance coverage?

A: No, not all wallets offer insurance protection. Only specific wallets partnered with reputable insurance providers provide this coverage.